Shiba Inu’s price dropped below the critical level of $0.00001 after last week’s crypto market crash. It currently held support above the $0.000008 level as the bear continues to gain market control.
Following Dogecoin’s positive sentiment in October, Shiba Inu’s price skyrocketed to the $0.000015 price level after it recorded a nice 50% gain within a week. Unfortunately, the rally went quickly off due to a sudden price rejection. The crypto found support at the $0.0000116 level for a week but later failed to produce a rebound.
Last week, Shib dramatically fell off this support following the negative news that hit the entire crypto space. The price sat at the $0.0000083 level and bounced back to retest $0.00001040. Multiple rejections at this retest price level have triggered a sell action to where it’s currently trading at around $0.00000895.
It continued to lose momentum by the day, although the price is yet to plummet below the mentioned support level. The channel pattern on the daily chart suggests that SHIB’s price will likely witness more losses in the coming days.
Today, Shiba Inu has initiated another sell around $0.00000939. The volatility is still low for now, but we can expect the price to target the channel’s support as soon as the sellers mount pressure. For now, the market remains in favor of the bears.
Shib Price Analysis (SHIBUSDT) – 4-Hour Chart
Following the series of drops, the $0.00000838 is currently held as weekly support. If the price drops below this support, $0.00000771 would be the next level to watch as support. The following support level is located at $0.00000715.
On the other hand, Shib has held resistance at the $0.00000939 level for the past 24 hours now. Above this level lies the $0.0000104 resistance, which is around the channel’s upper boundary.
In case of a breakout, the next resistance level to watch is $0.0000116 before considering a higher price level.
Key Resistance Levels: $0.00000939, $0.0000104, $0.0000116
Key Support Levels: $0.00000838, $0.00000771, 0.00000715
- Spot Price: $0.000009
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: vlad270/123RF // Image Effects by Colorcinch
